Jock Tax Takes a Bite out of Signing Bonuses
Signing bonuses are common, but how they are taxed is often misunderstood. Introduction There are many factors that need to be taken into...
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Collecting Team Fines is Fine for Taxes
Team fines are not taxable to fund administrator as long as they are properly categorized. As practice starts, a teammate got stuck in...
Are Trainer Tips Taxable?
Trainer tips have always been considered income and should be reported and included on your tax return. However, a change in law means...
1099-Ks Are OK for Businesses
As part of the American Recuse Plan Act that was signed into law on March 11, 2021, changes were implemented that effects how third-party...
Is it Income – If My Teammate Pays Me Back for Dinner?
As part of the American Recuse Plan Act that was signed into law on March 11, 2021, changes were implemented that effects how third-party...
IRS Re-Introduces 1099-NEC
Starting in the 2020 tax season, the IRS is bringing back a form to report nonemployment compensation that hasn’t been utilized for 38...
Does Forming an LLC impact your Taxes?
A question that is becoming more common is whether there is any tax benefit to forming a Limited Liability Company (LLC)? The short...
Avoiding IRS Scams
A common scam being used is receiving a call from someone claiming to be an IRS agent or a Taxpayer Advocate Service agent. In the call...
Receiving your Income Taxes
Have you received all of your refunds? With budget difficulties in states such as California and New York and the delaying of issuing...
Keeping Track of Business Mileage
The IRS has increased scrutiny of employee business expenses–specifically business miles. Be sure to keep track of your business miles...
Adequate record of business expenses
In order to claim a deductible business expense that is both ordinary and necessary to perform your job, you must be able to justify the...
International Tax Requirements for Athletes
Playing in Europe or Asia this season? Playing abroad doesn’t excuse you from paying income taxes in North America: If you’re a U.S....
Completing your Tax Questionnaire
As tax season approaches, I thought it might be helpful to provide some guidance on how to successfully proceed in collecting and...
Business Miles
Driving to work out this summer? Be sure to keep good records on the miles you drive. The IRS allows a $.51 deduction for every mile...
Hockey Related Expenses
It’s essential you keep good records to justify each hockey related business expense. If the IRS ever requests further documentation from...
Fines from Leagues and Taxation
Were you fined by your team or the league this past year? The Internal Revenue Service [IRS] considers fines an ‘ordinary and necessary’...
Reviewing Financial Investments
It’s always a good idea to review your financial investments before the end of the year. Capital losses on securities are deductible up...
Letters from the IRS?
If you’ve received a letter from the IRS, don’t panic. Just call us soon. The IRS sends millions of notices to taxpayers during the late...
Training Expenses are Deductable
As a professional athlete, you can claim your summer training expenses as deductions against your earned income. Items like workout...
Checking the Status of your Refund
Want to know the status of your refund? If you e-filed you may receive refund information within 72 hours after the IRS has acknowledged...
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